ADNOC invites banks to pitch for IPO of logistics unit – sources

ADNOC invites banks to pitch for IPO of logistics unit – sources

London - State oil firm Abu Dhabi National Oil Company (ADNOC) has invited banks to pitch for roles in an initial public offering of its marine services and logistics unit, two sources with knowledge of the matter said on Thursday.

Reuters reported last year that ADNOC was weighing a potential float of ADNOC Logistics & Services (ADNOC L&S) in 2022.

Banks are pitching for roles this week on the latest IPO of an ADNOC subsidiary, planned for next year, the sources said.

"Abu Dhabi National Oil Company (ADNOC) is continuously exploring a number of strategic options, including a potential initial public offering (IPO) of a minority stake, of its Logistics and Shipping unit ADNOC L&S. ADNOC will provide further material updates as and when appropriate," ADNOC said in an emailed statement in response to a Reuters query.

The invitation to banks comes amid an IPO boom in the Gulf, with issuers raising more than $15 billion in flotations this year, according to Refinitiv data. The region's IPO proceeds in the first half of 2022 exceeded European flotations, the data showed, even as global markets remained volatile because of Russia's invasion of Ukraine.

ADNOC, which supplies nearly 3% of global oil demand, is seeking to extract